PB 11/26/2001 Minutes - Laserfiche WebLink

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Police Officers' and Firefighters' Pension Board November 26, 2001 Page 4 VIII. Presentation by Bill Stark - Bogdahn Consulting Mr. Bill Stark of Bogdalm Consulting presented a report on the performance evaluation for Trusco Capital Management as of September 2001. An overview of the fund's performance shows Trusco's performance was in line with the Investment Policy and actually exceeded the Policy's criteria by over 8 '/2%. MOTION: Moved by Firefighter Theresa Krebs to accept the Performance Report from Bogdahn Consulting regarding Trusco Capital Management. Seconded by Police Officer Larry Littrell and motion carried unanimously by voice vote. The complete report from Bogdahn Consulting is available at City Hall with the Clerk of the City and available for review. Mr. Scott Christiansen stated that the Board is required to predict and declare an expected rate of return over the next several years and over the long term in accordance with Florida Statutes in Chapter 112 that each time an actuarial valuation is prepared. Last year, on the recommendation of the Actuary and the money manager, the Board used the actuarial expected return of 8%. Bob Donlon, Actuary, Bill Stark, Performance Monitor and Lance Powers all agreed with the 8% prediction. MOTION: Moved by Firefighter Theresa Krebs to declare over the next several years and over the long term an expected rate of return of 8% on investment on the advice of the Actuary and the Investment Managers. Seconded by Mrs. Mary Moschler and motion carried unanimously by voice vote. The Finance Director will prepare the letter indicating the Board's direction to Charles Slavin, Florida State Retirement, with a copy to the Actuary. IX. Approval of Expenditure Report MOTION: Moved by Firefighter Theresa Krebs to approve the Expenditure Report as submitted. Seconded by Mrs. Mary Moschler and motion carried unanimously by voice vote.